The $1.9 trillion economic recovery plan, known as the American Rescue Plan, announced by President-elect Biden contains, among other provisions, expanded cash payments and changes to the Child Tax Credit (CTC) and the Earned Income Tax Credit (EITC).
Biden Tax Plan
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report January 15, 2021 NEW ANALYSIS: Cash and Tax Provisions in Biden’s Economic Recovery Plan
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blog October 22, 2020 Trump Says Taxes Will Be Too High on the 2% Who Pay More Under Biden’s Plan
The Trump campaign has failed to convince the public that large numbers of Americans would face tax hikes under Democratic presidential nominee Joe Biden’s tax plan. The claim has been widely discredited. For example, ITEP found that the federal taxes that people pay directly would rise for just 1.9 percent of taxpayers in the U.S., and that number does not vary much by state. So, Fox News and other conservative voices are trying out a new argument: Biden’s tax plan would be too burdensome for that 1.9 percent.
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blog October 7, 2020 New ITEP Report Shows Few Taxpayers in Each State Paying More Under Biden’s Tax Plan
An ITEP report finds that taxes that people pay directly would stay the same or go down in 2022 for 98.1 percent of Americans under President-elect Joe Biden’s tax plan.
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news release October 7, 2020 New 50-State Analysis of Biden Revenue-Raising Tax Proposals
A state-by-state analysis of President-elect Joe Biden’s proposal to raise taxes for filers with income of more than $400,000 finds that in 2022, just 1.9 percent of all taxpayers would face a direct tax increase. This would vary only slightly by state. For example, in West Virginia, 0.6 percent of taxpayers would see an increase, and in Connecticut, 3.7 percent of taxpayers’ taxes would increase.
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report October 7, 2020 National and State-by-State Estimates of Joe Biden’s Revenue-Raising Proposals
Former Vice President Joe Biden’s proposals to change the tax code would raise revenue directly from households with income exceeding $400,000. More precisely, Biden proposes to raise personal income taxes on unmarried individuals and married couples with taxable income exceeding $400,000, and he also proposes to raise payroll taxes on workers with earnings exceeding $400,000. Just 1.9 percent of taxpayers would see a direct tax hike (an increase in either personal income taxes, payroll taxes, or both) if Biden’s tax proposal were in effect in 2022. The share of taxpayers affected in each state would vary from a low of 0.6 percent in West Virginia to a high of 3.7 percent in Connecticut.